Head of Risk and Compliance at FINCA International

Role Purpose

• The purpose of the Head of Risk Management is toestablish, implement and enforce a robust enterprise-wide risk management framework and requisite systems including policies, processes and tools. The risk framework should include Financial and Non-Financial Risks, including Strategic risk, Operational risk, Market risk, Liquidity risk, Credit risk and AML/CFT/Compliance risk. The Head of Risk & Compliance is expected to assesses, recommend and champion implementation of a structure that best serves the business needs of the organization, while providing guidance to Management and Board committees. The person who fills this position will be expected to lead a team of direct reports/functions within the Risk Management Department.
• Head of Risk & Compliance will also assist the management to create and maintain an internal control environment that supports FINCA in pursuing its mission with a minimum of risk and a maximum of efficiency.

Accountabilities
Risk Management:

• Develop appropriate Risk Management strategies/tools and disseminate appropriate risk management practices in line with developments in business products, change in clients, markets/industry, laws and regulations;
• Oversee and enforce risk management policies, including Credit Manual, Anti-Money Laundering (AML) Manual and Policy, and monitor compliance with policies. Provide an independent review of proposed business plans, which include risks identified to the Board Risk Committee and Executive Committee;
• Manage a comprehensive AML Compliance program for the company in line with local regulations and internal policy requirements; report quarterly to Board Audit Committee on AML;
• Developing systems to generate a robust MIS to identify, monitor, manage and control credit, market and operational risks;
• Monitor and manage the performance and development of direct reports, by being the champion of risk management and improve Management team understanding of key risk identification, assessment, monitoring and reporting and mitigation

Internal Controls Activities

• Conduct analysis of operations of the company to identify risks and violation from set policies and standards and make recommendations for preventive actions such as:
  • Portfolio behavior
  • Systems of red flags
  • Exceptional transaction reports
  • Personnel rotations, etc.
• Timely examine, analyze, and report any compliance issues, which can negatively affect the company operation and risk profile;
• If fraud or negligence occurs, detect violations at an early stage, thus limiting damage to immaterial amounts;
• Conduct analysis of the reasons and circumstance that lead to the fraud/negligence, provide the management recommendations on the changes needed to protect company from such incidents;
• Manage evaluation of the possible risks for the proposed new procedures, set up and manage internal controls during implementation of new procedure for the new products, functions and other changes to subsidiary operations;

Management of Methodology Function

• Ensure timely update of subsidiary internal regulations, manuals, instruction memos, etc. to make sure the compliance with FIF policies and regulations;
• Manage evaluation process of all subsidiary manuals annually to ensure completeness, accuracy and efficiency;
• Establish a system for the effective communication of all policy changes to the appropriate personnel at all levels of the subsidiary including verification of understanding;
• Ensure that all changes in policy and procedures are properly communicated to subsidiary staff and that appropriate compliance training takes place.

Manage Performance and Control of Internal Polices

• Develop and implement semiannual control work plan in collaboration with management;
• Develop and manage evaluation and reporting process for Internal Control & Risk Officers;
• Manage timely, control activities for the Department based on the approved work plan and requests from subsidiary management board;
• Manage timely reporting to subsidiary management and the global risk management team;
• Establish a system for timely communication of the status and findings of control activities with subsidiary management and network internal control personnel.

Manage FINCA Nigeria's Business Continuity Management Process(BCM)

• The Business Continuity Management process involves Business Continuity, and IT Disaster Recovery and Crisis Management lifecycle, from planning, business risk and impact analysis and design;
• Review the organization's business continuity, IT disaster recovery and crisis plans with heads of respective departments; ensuring that it meets industrial standards and regularly updated;
• Ensure that regular drills are conducted to test regular response plans to identify areas where improvement can be made;
• Monitor trends in technology, business practices, and regulatory requirements to ensure that the plan meets current standards;
• Coordinate communication with external stakeholders during crisis, including reviews of communication drafts to customers, employees, and business partners and media outlets;
• Coordinate and manage the business impact analysis.